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The Psychonomic Society (PS) is a membership-based organization governed by a rotating body of Governing Board members who are supported by full-time professional staff and management support company run by the PS Executive Director. The Governing Board serves as the board of directors for the Society and is responsible for the business, organizational and legal affairs of the Society as well as ensuring that all programs and activities are in accordance with the Society's mission and strategic goals. Psychonomic Society staff manage the day-to-day aspects of the organization, partnering with the Governing Board to implement the strategic plan. Members of the Governing Board also serve as chairs on Society committees. Members who volunteer on committees, serve as editors and reviewers, or who participate in meeting presentations and posters, all play a crucial role in strengthening the Society for the future.

The primary leaders of the Psychonomic Society are the members of the Executive Committee (Chair, Past Chair, and Chair-elect of the Governing Board) and the Executive Director who leads the staff.

There are thirteen standing committees of the Society: Audit Committee, Awards Committee, Communications Committee, Diversity & Inclusion Committee, Ethics Committee, Executive Committee, Finance Committee, International Presence Committee, Fellows Committee, Nominations Committee, Program Committee, Publications Committee, and Workshop Committee. There is also a steering committee for the William K. & Katherine W. Estes Fund, which is managed jointly with the Association for Psychological Science. Each committee will seek to engage the full cross-section of members (e.g., in terms of age, gender, geography, professional status, etc.) as they work to fulfill their roles and responsibilities. Committee members and chairs may consist both of Governing Board members and non-Governing Board members.

The Psychonomic Society and the Association for Psychological Science (APS) have entered into a joint venture to support activities that honor the contributions to mathematical psychology of William K. and Katherine W. Estes. The Psychonomic Society supports this initiative financially and has two representatives on the Steering Committee of this initiative.